The National Pension Service of South Korea, with assets in ~$800 млрд in the third quarter bought 282,673 Coinbase shares at an average price of $70.5 for a total of 26 billion KRW (~$19.9 million). The investment has already yielded 40% profit, according to News1.
The calculation is based on the closing price of Coinbase stock on Nasdaq as of November 15, at $98.15.
Since the start of the year, Coinbase’s shares on Nasdaq have risen 177.3%.
According to reporters, this is the first time a pension fund has added to its portfolio shares of companies linked to virtual currencies.
Under its investment policy, the pension fund is not allowed to invest directly in cryptocurrencies, including due to their heightened volatility.
Since January 2024, the Financial Services Commission of Koreaобяжет firms to disclose holdings of digital assets on their balance sheets. This follows updated accounting rules.
The information includes valuation and characteristics of tokens, business model and accounting policy.
In June 2023, the Parliament of South Korea passed a law protecting digital asset users.
The document consolidated 19 different bills related to cryptocurrencies. It introduces the concept of “digital assets” and defines liability for offenses such as insider trading, market manipulation and unfair trading practices.